Ann: Successful Completion of AHG's $115m Pla, page-14

re: Ann: Successful Completion of AHG's $... g41, look at the last two SPPs done by QBE:

http://www.asx.com.au/asxpdf/20120404/pdf/425gfg5gvd5vkk.pdf

Also, well said with "I find it so offensive that they choose to change the accepted practice for SPP scalebacks, given that SPPs are the only mechanism available to protect retail shareholders from dilution by placement"

I think you're spot on. Insto's get the best deal while the little retail guy gets screwed with being offered the scraps. SPPs are the only way for the small retail holders, and mums and dads to claw back some of the dilution for not being offered to take up as much as they like with the placement.